Dear Readers,

The Indian Budget will be presented in the Parliament by Feb 1, 2024. 

Though it is a not a complete budget - it is an interim budget as the General elections will be held in April-May this year. 

You are all aware that India is one of the countries in the world who is taking tough stand against the Crypto currencies.

With about 3 days to go, many crypto investors and enthusiasts expect a cut down in taxes- TdS in the budget. 

Last year, the Finance Minster announced the tax slab of 30% and a transaction fee and TdS for all the virtual digital assets which considered to be a big blow for the crypto users in India. 

India also announced that it would introduced Central Bank Digital Currency that equals to the Indian Rupee also. 

As of now, we cannot adjust the losses against the profits at a whole while we file the Income Tax. All the profits would be taxed. The Compounded Profits is not being taken into account. It is an appeal by the general public to consider this and to fix the same norm that has been followed with the stock market gains. 

To avert this higher tax slab, many crypto users switched over to foreign crypto exchanges. India's largest crypto exchange Wazirx lost millions of customers and their business fell dramatically.

The Finance Intelligence Unit (FIU) served a show case notice to all the foreign crypto exchanges to comply with the Anti Money Laundering/ Counter Financing of Terrorism (AML CFT) Act and followed by this all the URLs of the foreign crypto exchanges are banned in India as of now. One could not access to the websites of these foreign crypto exchanges including binance, Kucoin etc., 

But the situation has changed now. In the US, the BTC ETF got approved and this sees a big recognition to the crypto assets. 

But India made a tough stand against the Cryptos. The Indian Reserve Bank Governor often says and warns the investors about the Cryptos. Once he compared the crypto assets to the Tulip flowers in the Netherlands which would be of no value.

Various representations were made to the Indian Finance Ministry by the crypto world to be considered and announced in the Indian budget. 

In the meatime, Wazirx founder Nischal Shetty in his twitter raised his expectation to lower the TdS which is a voice of the people in India who use cryptos.

Let's wait and see what would the Finance Minister's stand on Cryptos with this year budget?